The Reserve Bank of New Zealand has condemned ANZ's New Zealand bank for failures and revoked its ability to assess its own capital requirements — forcing it to hold an extra $NZ277 million in capital.The RBNZ allowed the major banks to assess their own operational risk capital requirements
Like Australia's bank regulator APRA, the NZ central bank allows the country's big four banks, which are owned by Australia's largest banks, to use their own models to assess their operational risk capital requirements. The RBNZ reviews and approves the internal models used by the banks, but Mr Bascand said the onus is then on the bank directors to ensure their bank is compliant and that the internal assurance processes are being adhered to.
The central bank now requires ANZ New Zealand to use its 'standardised approach', which has increased the minimum capital it needs to hold by around 60 per cent to $NZ760 million. "Once the mistake was discovered, ANZ New Zealand promptly escalated the matter to its board and reported the issue to the Reserve Bank of New Zealand," the bank said.
"A failure of systems and controls, as well as no verification being undertaking by [ANZ New Zealand], meant that [ANZ] decommissioned the RBNZ approved model without [ANZ New Zealand] ensuring that it had the necessary regulatory approvals in place to move to the new model," the statement read.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Milo’s big recipe change following backlashNestle, the company behind the much-loved brand Milo, is reverting to its original chocolate malt recipe. Should change it back here too, although I can't even remember what is tasted like. I don't mind this one. Still full of sugar. Can't have wheat/choc biscuits with my hot cup of Milo. I hear that may be changing too. I want a dairy free Milo. Nestle Time to re-reconfigure the equipment! revert backflip perfection badread backfire
Source: newscomauHQ - 🏆 9. / 77 Read more »
Worker called ‘a lazy c-word’ awarded $28,000 payoutA worker who had been called “a lazy c***” on the job has been awarded $28,000 after the Employment Relations Authority found that he had been constructively dismissed. How does this even happen? Did he claim mental anguish or something ridiculous? Thats how money should be made 😂😂😂 only in NZed I should be a millionaire
Source: newscomauHQ - 🏆 9. / 77 Read more »
Huawei offers to sign non-spy agreement with UK | Sky News AustraliaChinese telecommunications company Huawei is willing to sign a non-spying agreement with the British government in an attempt to create the country’s 5G network.\n\nGovernments across the world have restricted use of its technology, including Australia and New Zealand, over concerns Beijing could use it for espionage. \n\n\n “Huawei offers to sign non-spy agreement with UK” 😂😂😂 How about - if you spy on anyone we will lock you in prison and fine your company trillions. huawei china
Source: SkyNewsAust - 🏆 7. / 78 Read more »
NZ indicates PM's home deposit plan will suit a ‘niche’ market | Sky News AustraliaAs Prime Minister Scott Morrison defends his first home buyers plan, experts are shedding light on how a similar scheme has been working in New Zealand. \n \nOne mortgage broker has told Sky News that a policy, which has been in place since 2003, has had a ‘lukewarm’ response, with just 10 per cent of first home buyers using the scheme. \n\nCraig Pope says it fills a ‘niche’ group of people: those unattractive to the banks but who can fulfil their repayment obligations. \n\nWhile the scheme in New Zealand requires a 10 per cent deposit, the plan announced by Mr Morrison, and backed by Labor, would allow first home buyers to purchase a house with just a five per cent deposit. \n\nImage: News Corp Australia \n\n\n It works in New Zealand, but has low numbers using it due to the overpriced housing market and unrealistic expectations of firsthomebuyers
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Jacinda Ardern to lead international summit tackling online extremismNew Zealand leader Jacinda Ardern is co-leading an international meeting in Paris on Wednesday to curb online extremism in the wake of the Christchurch terror attack. You really want to curb physical extremism - it kills people. Online only hurts the snowflakes. The right has barely moved. It is the left which is becoming increasingly extremist. *New Zealand Prime Minister Jacinda Arden is co-leading... PM where PM is due.
Source: SBSNews - 🏆 3. / 89 Read more »
Climate change political will is fading: UN Secretary-General | Sky News AustraliaUnited Nations Secretary-General Antonio Guterres has painted a grim picture of climate action, saying global political will is fading, except in New Zealand. \n\nMimicking a line from Labor Leader Bill Shorten’s playbook, Mr Guterres says, ‘Governments are still afraid to move forward; they fear the costs of climate action, forgetting that the costs of inaction are much bigger than any cost of climate action.’\n\nMr Guterres has refused to gauge whether an Australian Labor government would be more committed to climate change than the Coalition.\n\nHe says, ‘No secretary-general should make any comments on the election in any country’.\n\n\n\n\n How much will it cost ? Go away buddy Yep, we need to be taxed to death and worry about cow farts to change the weather. At the same time, we must not put a limit on cultural enrichers from Africa and the ME, that would be 'racist'.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Jacinda Ardern reveals she inadvertently saw footage of Christchurch attacksThe New Zealand Prime Minster writes about being unexpectedly exposed to horrifying vision of the March shooting. But didn’t inhale ? As a Socialist, she better get used to it, it's what the normal endgame is for socialism. Yeah right!
Source: abcnews - 🏆 5. / 83 Read more »
Major inquiry into Christchurch attacks gets underway behind closed doorsPerhaps the most important official inquiry ever to be held in New Zealand begins considering evidence, but do not expect to hear much about it. '...will be held in private'. Says it all really! The PM and her left leaning liberals would not want a hint of a mention that this matter was in retaliation for Islamic terrorist action. Manipulation of the facts is becoming so very common.
Source: abcnews - 🏆 5. / 83 Read more »
UN chief Antonio Guterres says climate change fight fadingGuterres made the comments after arriving in New Zealand, where he spoke to media alongside Prime Minister Jacinda Ardern in Auckland. Over 30,000 scientists say 'Catastrophic Man-Made Global Warming' is a complete hoax and science lie As the economy falters, climate change will fall off the agenda. Then we fuct. We must ask, what are we leaving for our children, it is a simple question.
Source: smh - 🏆 6. / 80 Read more »
UN chief says world 'not on track' with climate changeOn a visit to New Zealand, the UN head sent out a strong message that objectives in the Paris agreement would not be met amid 'fading' political resolve. Man -made climate change is a fraud being perpetrated against humanity by the wealthy elite. Prove me wrong... Unimaginable and horrific solutions will be inflicted on the lower end of town, if they don't focus on the achievable solutions caused by the higher end of town. Any political resolve on climate change will always cost the low end of town
Source: SBSNews - 🏆 3. / 89 Read more »
Ardern: 'I don't understand why US hasn't passed stronger gun laws''Australia experienced a massacre and changed their laws. New Zealand had its experience and changed its laws. To be honest, I do not understand the United States.' 9News Hey Arden would you like it if Trump started telling you how to run your country? The NRA is very powerful and hart to battle against. USA is much bigger than NZ. Big means more problems because way too many of them are morons and think it is their sacred right to have guns - it's a culture thing and an ignorance thing...it will never change..but they will keep burying their kids as a penalty for the stupidity Because he (Trump), despite all his seemingly strong man ways he is really a wimp at tackling the NRA. It is 'easier' to talk about sacrificing American kids than trying to change the culture/laws that allows this. Pathetic actually. Where there is no will there is no way!!
Source: 9NewsAUS - 🏆 10. / 72 Read more »